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Apple's earnings report is nothing short of astonishing; revenue up 27%, net income up 33%, and eps up 40%. The most surprising thing in the report to me is free cash flow per share up 46%! How is this possible? During calendar Q1 (fiscal Q2), Apple generated $16.7B in free cash flow compared to $12.1B in 2014. But wait a second, how can Apple generate $16.7B in free cash flow while its net earnings were $13.6B. The answer lies in continued reduction in working capital. Apple is simply wringing cash out of all aspects of its business. This company is being management supremely. Normally, a company has to increase working capital to increase sales. The last year Apple had an increase in working capital was in 2012. Working capital was down $6.5B in 2013, and down another $7.0B in 2014. Although I am shocked and amazed at Apple's performance, a continued draw down of working capital should not be extrapolated into the future. As a result, I expect forward free cash flow per share to be lower than ttm free cash flow. Forward free cash flow per share is forecast to be $11.42 vs $12.92 during the ttm, even while eps is going to increase to $8.97 from $7.97. This is hardly a nit, but Apple is actually more expense using forward fcf than ttm, 11.9x vs 9.8x (ex-$25.65 net cash per share). Still one of the cheapest stocks, particularly compared to growth.